101592  |  INF209K01363  |  3 star  |  Bronze


$ 324.79

1-Day Total Return

INR | NAV as of 18/12/2017 10:30:00 | 1-Day Return as of 18 Dec 2017

TTM Yield




Total Assets

24.3 bil



Fee Level






Min. Inv.


30-Day SEC Yield




Investment Style

Mid Growth
Morningstar's Take | 27/12/2016
by Kavitha Krishnan

Jayesh Gandhi has been managing this fund since January 2015; however, this is not his first stint at managing this fund. He also helmed the fund during the years 2005-2007. Gandhi is a reasonably tenured manager in the small/mid-cap space and has over 15 years of experience in investment management.

Gandhi plies a growth-oriented strategy that uses a combination of a top-down and bottom-up approach. While top-down views are used to scout for investment themes and take sector bets, a sentiment overlay is also incorporated to steer the portfolio across market conditions. Gandhi relies on relative valuation techniques to pick stocks that he perceives to be reasonably priced. However, the fund’s mandate allows the manager enough flexibility to play to his strengths.

We believe the success of the strategy depends on its execution, in no small measure. Gandhi is a capable manager who in our opinion has proved his skill on this fund across both the time periods that he managed it. Although Gandhi is mindful of the benchmark, he can tend to take significant off-benchmark exposure as a part of the strategy. His portfolio reflects his long-term views, and he tends to stay invested over a 18-36 month period. Having said that, Gandhi can tend to trim or add positions based on valuations.

Gandhi runs this fund as a highly diversified portfolio of around 50-70 holdings. While individual stocks don’t exceed 3% of assets, less-liquid stocks are capped at lower limits. Gandhi’s execution is reflected in the fund’s performance, which has remained above par under his helm. The fund’s long-term performance, however, remains mediocre. On an overall basis, we view the stability in the fund house’s equity team as a positive. Despite Gandhi’s relatively short tenure on this fund, our conviction on his capabilities leads us to assign a Morningstar Analyst Rating of Bronze.

Morningstar Analyst Rating™
Analyst Rating
Portfolio Role

A diversified small- and mid-cap fund that can deviate significantly from the benchmark.


Jayesh Gandhi is a tenured manager and has helmed this fund across two time periods.


We think Birla Sun Life AMC has been witnessing a lot of traction and stands out in many aspects.


A growth-oriented approach that incorporates both top-down and bottom-up factors.


We would like to monitor the fund’s performance over a long term, given the brevity of the Gandhi’s tenure.


The fund’s price is lower than the India Small/Mid-Cap category median.

Important Disclosures

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